CINCINNATI — P&G says currency rate changes in Venezuela, Argentina and other developing countries are hurting its profitability.
The world's largest consumer product maker cut its earnings outlook for the year. It expects that earnings will grow 3 to 5 percent, excluding one-time items, rather than its prior forecast of 5 to 7 percent. It still expects revenue to rise 3 to 4 percent when stripping out the effect of acquisitions and foreign exchange rates.
Procter & Gamble, which makes products like Tide detergent and Crest toothpaste, said it's being hurt by a change in government policy in Venezuela related to foreign currency rates and the recent slump in currency values in Argentina, Turkey, South Africa and other developing countries.